Not Batman. Not trying to be Batman. A super hero film based on a comic that has a main character who isn't 2dimensional, doesn't mean it's trying to be Batman.
Cheesy but not terrible hammy cheese, cheese that deliberately suits the time period the story is set. Also the style of the whole film (including the cheese) is Really comic book but Very well done for film! Well before Sin City was even thought of.
Class acting all around, but in any film two very underestimated things Make it what it is.
1. The main bad guy. Really well acted, great character, not just 2dimensional (same as the hero,) you hate him, you fear him, you kinda like him (provided you're the kind of person who can actually get into the spirit of a superpower film.)
2. The sub characters. Brilliantly played victims, minor bad guys, lackeys, girls, informants, and Tim Curry's slime ball is excellent.